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Budget 2016 fails to boost Indian market sentiment

Budget 2016 fails to boost Indian market sentiment

| | 29 Feb 2016, 05:34 pm
Mumbai, Feb 29 (IBNS) The Union Budget 2016, presented on Monday, by finance minister Arun Jaitley has been hailed by many, including prime minister Narendra Modi, as a pro-village, pro-poor, and pro-farmer, but it could not boost the market sentiments leading to a sharp decline in the benchmark indices.

The BSE Sensex and the NSE Nifty, which opened on a positive note on Monday began to sputter and slide as the Budget was being presented.

For a while the market recouped some losses but finally closed the day on a negative note

At the close of day, Sensex slipped 152.30 points to 23002, and the Nifty fell 42.70 points to 6987.05.

Weak global cues and a dip in the rupee were also partly responsible for the market downfall, according to media reports.

Selling was noted in IT, capital goods, oil & gas and auto stocks.

ONGC, BHEL, Maruti, Infosys, L&T  Cairn India, and Power Grid were among the major losers on Monday.

Bank stocks, along with  metal and realty stocks fared well.

ICICI Bank, HDFC Bank, Reliance, SBI and Dr Reddy's Labs were among the major gainers.

 

Image: Wikimedia Commons

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